EU divided on whether to embargo Russian oil
India experiences run on retail diesel outlets
EU’s plan to refill gas storage risks price surge
EU’s short-term reliance on Russian gas ($FT)
Saudi Aramco says global oil market is very tight
U.K./Saudi summit and wider political relations
China civilian aircraft crashes with 132 on board
Economic sanctions – measuring effectiveness
Russia/Ukraine war enters attrition phase ($FT)
Russia/Ukraine war enters attrition phase ($WSJ)
China’s epidemic control in rural areas (trans.)
Sri Lanka’s rising energy bill risks default ($BBG)
BRENT futures open interest fell by a record 352 million barrels over the three weeks spanning Russia’s invasion of Ukraine from February 22 to March 15, tumbling to the lowest level since August 2015, as prices spiked higher, volatility increased, margins rose and liquidity dried up:
COAL went from a marginal fuel used in a handful of local areas to become an essential part of England’s pre-industrial economy between 1500 and 1700 – well before the commonly accepted start of the industrial revolution in the later 18th century. By 1700, coal had replaced wood as the dominant fuel for domestic heating in London and most urban centres, and was the main fuel for all manufacturing, including glass-making, salt production, brewing, dyeing, and nonferrous smelting, with the notable exception of iron making:
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